Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1887-12-14

| government to restore in an emer
! gency, without waste or extravaganza
such money to its place among the people
| II such an emergency arises there now eX
lists no clear and undoubted executive power
| of relief Heretofore the redemption of {
| per cent bonds, which were payable at the
! option of the government, has afforded
| means for the disbursement of the excess OF
| our revenues; but these bonds have all been
| retired and there are no bonds outstanding
the payment of which we have the right IL
| insist upon. The contribution to the sinkins
| fund which furnishes the occasion for ex.
| penditure in the purchase of bonds has
| already been made for the current year, sc
that there is no outlet In that direction. In
| the present state of legislation the only pre-
| tense of any existing legislative power to
restore, at this time, any part of our surplus
revenues to the people by its expenditure
consists in the supposition that the secretary
of the treasury may enter the market and
purchase the bonds OF the government not
yet due at a rate of premium to be agreed
upon. The only provision of law from which
such q power could be derived is found in an
appropriation bill passed a number of years
ago; and it is subject to the suspicion
that it was intended as temporary and
limited in its application, instead of con-
ferring q continued discretion and author
ity. No condition ought to exist which
would justify the grant of power to a single
official, upon his Judgment of its necessity,
to withhold from or release to the business
of the people, in an unusual manner, money
held in the treasury, and thus affect, at his
VIII the financial situation of the country
and If it is deemed wise to lodge in the sec
rotary Of the treasury the authority in the
present juncture to purchase bonds, it
should be plainly vested an provided as far
as possible with such checks and limitations
as will define this officials right and discre-
ton, and at the same time relieve him from
undue responsibility. In considering the
question of purchasing bonds as means of
restoring to circulation the surplus money
accommodating in the treasury, it should be
borne in mind that premiums must of course
be paid upon such purchase, that there may
be large part of these bonds held as invest
ments which cannot be purchased at any
price, and that combinations among holders
who are willing to sell, may unreasonably
enhance the cost of such bonds to the gov
eminent 1t mas been suggested that
THE PRESENT BONDED DEBT
might be refunded at less rate of interest
and the difference between the old and new
security paid in. cash, thus finding use for
the surplus in the treasury. The success of
this plan, it is apparent, must depend upon
the volition of the holders of the present
bonds; and it is not entirely certain that the
inducement which must be offered them
would result in more financial benefit to the
government than the purchase of bonds,
while Jhealatter proposition would reduce
the principal of the debt by actual payment
instead OF extending it The proposition to
deposit the money held bv the government
in banks throughout the country for use by
the people is, it seems to me, exceedingly
Objectionable in principle. as establishing
too close a relationship between the opera
lions OF the government treasury and the
business of the country, and too extensive
commingling of their money, thus fostering
unnatural TPIIqnon nF1VQfQ hn1InpSG
upon public funds II this scheme should
be adopted it should only be done as a tenn
porary expedient to meet an urgent neces-
slty. Legislative and executive effort should
generally be in the opposite direction and
should have a tendency to divorce, as much
and as fast as can safely be done, the treas
ury department. from private enterprise.
OF course it is not expected that unnecessary
and extravaganza appropriations will be made
for the purpose of avoiding the accumulation
of an excess of revenue. Such expenditure,
beside the decentralization of all Just con-
ceptions of public duty which it entails,
stimulates habit of reckless improvidence
not in the least consistent with the mission of
our people or the high and benefcent pur-
poses OF our government have deemed it
my duty to thus bring to the knowledge of
my countrymen, as well as to the attention
of their representatives charged with the re-
sponsibiliGies of legislative relief, the gravity
OF our financial situation. The failure of con-
gress heretofore to provide against the dan
gers which it was quite evident the very ma
ture of the difficulty must necessarily pro-
duce, caused condition of financial distress
and apprehension since your last adjourn
ment which taxed to the utmost all the au-
thority and expedients within executive con-
troll; and these appear now to be exhausted
If disaster results from the continued mac
tion of congress, the responsibility must rest
where it belongs though the situation thus
fnr rn6 IL
should be fully realized, and though it pre-
sents features OF wrong to the people as well
as .@y "a :.
PERIL TO THE COUNTRY,
it is but a result growing out of per-
fectly palpable and apparent cause, con-
stantly Representing the same alarming cir
cumstances--a congested national treasury
and a depleted monetary condition in the
business of the country. 1t need hardly be
stated that while the present situation de-
mands a remedy, we can only be saved from
a like predicament in the future by the re-
moval of it's cause. Our scheme Of taxation,
by means of which this needless surplus is
taken from the people and put into the pub
lie treasury, consists of a tariff or duty levied
upon importations from abroad and internal
revenue taxes levied upon the consumption
of tobacco and spirituous and malt liquors.
1t must be conceded that none OF the things
subjected 10 internal revenue taxation are,
strlctly speaking, necessary. There appears
to be no just complaint of this taxation by
the consumers of these articles, and there
seems to be nothing SO well able to bear the
burden without hardship to any portion of
the people. But our present tariff laws, the
vicious, inequitable, and Illogical source of
unnecessary taxation, ought to be at once
revised and amended These laws, as their
primary aud plain effect, raise the price to
consumers of all articles imported and sub
1ect to duty, by precisely the sum paid for
such duties Thus the amount of the duty
measures the tax paid by those who purchase
for use these imported articles Many OF
these things, however, areraised or manu-
featured in our country, and the duties now
levied upon foreign goods and products are
called production to these home manufact-
ures. because they render 1t possible for
those OF our people who are manufacturers
TO make these taxed articles and sell them
for price equal to that demanded for the
imported goods that have paid customs duty.
So it happens that while comparatively a few
use the imported articles, millions of our
-